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Sunday, November 17, 2019

Insurance News

Photo: British Ports Association

Scottish Maritime Sector is on the Rise

The maritime sector in Scotland directly supports nearly $12.9 billion in turnover and 41,000 jobs according to a new report launched at the UK Chamber of Shipping and British Ports Association Scottish reception.The report by the Center for Economics and Business Research (Cebr), commissioned by Maritime UK and the Scottish Maritime Cluster, shows that the marine engineering and scientific industry is the largest industry within the Scottish maritime sector in terms of economic activity…

copyright Leo Lintang/AdobeStock

Hackers Demand $5M from Pemex

Hackers demanded about $5 million in bitcoin from Mexico's Pemex, they told Reuters on Tuesday, saying the state oil firm missed a special discount by not paying immediately after a cyberattack that fouled up the company's systems.The hack, which Pemex said it detected on Sunday, forced the company to shut down computers across Mexico, freezing systems such as payments, according to five employees and internal emails.Hackers have increasingly targeted companies with malicious programs that can cripple systems overseeing everything from supply chains to manufacturing…

Photo: RORO Company

RORO Company Launches New Platform

The Roll On Roll Off (RORO) Company, a digital freight forwarder, recently launched its new platform, RORO.com, to accelerate global trade of large assets. With access to instant quotes, schedules and bookings, users can save time and money on shipping machinery, automobiles, boats and more. Global trade of large assets moves too slowly. Online auctions, such as Ritchie Bros., make it easy to purchase items worldwide, but delivering these items across the world is slow. The current model relies on a subset of shipping companies called freight forwarders.

Richard Greiner, Partner, Shipping & Transport at BDO, said: “The predicted 2.5% and 2.7% increases in operating costs for 2019 and 2020 respectively compare to an average fall in actual operating costs in 2018 of 1.8% across all main ship types recorded in the recent BDO OpCost study."  (Photo: BDO)

Vessel Op Costs to Rise in 2019 and 2020

International accountant and shipping adviser BDO said total operating costs in the shipping industry are expected to rise by 2.5% in 2019 and by 2.7% in 2020.Responses to the firm’s latest annual Future Operating Costs Survey revealed that insurance is the cost category likely to increase most significantly in both 2019 and 2020. In the case of protection and indemnity insurance, the predicted increase is 2.0% for each of the years under review, while hull and machinery insurance…

Pic: Lloyd's of London

Lloyd's Warns of Cyber Risks for Asian Ports

Lloyd's of London report stated that the cyber-attack on major ports across the Asia-Pacific could cost losses of up to $110 billion would occur in an extreme scenario in which a computer virus infects 15 ports.Despite the high costs to business and international trade, the report showed that the global economy is under-prepared for such an attack with 92% of the total economic costs uninsured, leaving an insurance gap of $101bn.An attack via a computer virus carried by ships could scramble the cargo database records at major ports and lead to severe disruption…

Pic: Hafen Hamburg Marketing e.V.

Liebherr Delivers New LHM 800 to Bronka Port

Swiss multinational equipment manufacturer Liebherr has delivered  mobile harbor crane LHM 800 to  Russian port Bronka. It was carried by mv Trina. This is the second crane of such model in the port.The LHM 800 is the most powerful mobile harbor crane in the world with a lifting capacity of over 300 tons.Owing to its huge dimensions the crane handles large vessels with a breadth of up to 22 rows of containers, said the company.The unique crane will be set in operation within a month after customs clearance…

Pic: DNV GL

Corporates Pledge for Healthy, Productive Ocean

30 companies and institutional investors have signed up to the United Nations Global Compact (UNGC) Sustainable Ocean Principles committing to take action to secure a healthy and productive ocean.UNGC is a special initiative of the UN Secretary-General, the United Nations Global Compact works with companies everywhere to align their operations and strategies with ten universal principles in the areas of human rights, labor, environment and anti-corruption.The signatories to the principles include the container ship and supply vessel operator A.P.

Photo: CMA CGM

CMA CGM Launches SHIPFIN Trade Finance

CMA CGM launches SHIPFIN Trade Finance, its new range of import and export financing solutions.An innovative offering of simple, reliable and rapid financial services;Two complementary solutions for importers and exporters: Supply Chain Financing and Cargo Financing;CMA CGM is accelerating its Customer Centricity strategy to offer its customers tailor-made solutions supporting the development of their business.Discover SHIPFIN Trade Finance…

Helle Hammer, IUMI Policy Forum Chair

Boxship Fires: Time for Action, says IUMI

This year has already seen an alarming number of container ship fires including Yantian Express, APL Vancouver, Grande America, E.R. Kobe and KMTC Hong Kong.The escalation is of growing concern to IUMI (International Union of Marine Insurance) who used a recent forum to call for an urgent improvement to onboard firefighting systems.At a conference in Arendal, Norway, organised by marine insurer and P&I Club, Gard, and attended by IMO, flag states, shipowners, salvors, class, and insurers…

Photo: ESPO

European Ports Get EcoPorts’ PERS

European Sea Ports Organisation (ESPO) congratulates Port of Barcelona (Spain), Port of Vigo (Spain) and Port of Baku (Azerbaijan) for getting EcoPorts’ environmental management standard (PERS).Isabelle Ryckbost, ESPO’s Secretary General, handed over the PERS certificates to the ports’ representatives during the Green Port Congress in Oslo.“I would like to congratulate Port of Barcelona and Port of Vigo for renewing EcoPorts’ environmental standard and Port of Baku for obtaining it for the first time.

“Minor” Incident Sends Mariner Down S&R Rabbit Hole

The twists and turns of any marine casualty investigation can be unpredictable, but what is predictable is the potentially crushing cost to defend your license, livelihood and professional reputation.It was early afternoon on a late summer day in a busy commercial and fishing port in coastal New England. The captain of an offshore supply vessel was returning to his company’s dock and was lining up to transit past the harbor’s fixed storm mitigation gate when he decided to ‘bail…

New Online Marine License Insurance Program

Mariners looking for insurance have a new option that is touted as being fast and affordable, cared for immediately in an online format that is designed to be more expedient than ever.360 Coverage Pros launched a new Marine License Insurance Program for mariners that offers an entirely online buying experience combined with low monthly payment options and instant proof of coverage.Until now, the process of securing a marine license insurance policy involved requesting quotes,…

Photo: LISCR

Liberian Registry Opens Japan Office

The Liberian Registry opened a full-service office in Imabari, Japan, as part of the continued expansion of its presence in Asia.Led by Eiji Okazaki, President of the Liberian International Ship and Corporate Registry (LISCR) Japan, the Imabari office is comprised of key staff trained to handle ship registrations and technical issues locally. He has been leading the Tokyo office since 2017, and has helped develop the office to now being one of Liberia’s major and most active locations.The office-warming party was held on October 3…

Joseph E.M. Hughes (Photo: The American Club)

American Club Addresses Bunker Fuel Issues

The American Club has released its latest loss prevention guidance, Bunkering – A Compendium, together with website access to a comprehensive approach to loss prevention initiatives demanded by new regulations and generally by supplying guidance on operations and management.The Compendium is intended to give guidance not only in respect of issues arising from the new MARPOL regulations coming into effect on January 1, 2020, but also in regard to best practice generally in the conduct of bunkering operations.Joseph E.M.

Pic: Airbus Defence and Space

Airbus Enhances OceanFinder capabilities

Aerospace solutions provider Airbus Defense and Space has upgraded its digital maritime service to detect and track vessels around the globe.First launched in 2018, OceanFinder leverages Airbus’ advanced constellation of optical and radar satellites, combined with real-time global Automatic Identification System (AIS) data, and the latest in automated analytics, to support a broad range of critical applications across defense and security, shipping, oil and gas, and insurance…

Sean Dalton, IUMI Cargo Committee Chair: “Exposures will continue to increase for the cargo underwriter.” (Photo: IUMI)

Marine Cargo Insurance Market Still Not Profitable

Sean Dalton, Chair of the Cargo Committee of the International Union of Marine Insurance (IUMI) has said at the organization’s annual conference in Toronto, Canada, that there has been a 2.5 percent increase in 2018 global premiums to $16.6 billion but that this increase was largely attributable to growth in global trade and exchange rate fluctuations. He added that the marine cargo market was in a state of “accelerating change” driven by underwriters taking action to address unprofitable results and to improve performance.Dalton stated: “On a global basis…

Pic: Hapag-Lloyd

Hapag-Lloyd Launches Quick Cargo Insurance

German-based global cargo container shipping line, Hapag-Lloyd AG is expanding its digital product portfolio. As one of the first container shipping companies, Hapag-Lloyd is now offering its customers an online marine insurance."Quick Cargo Insurance" provides customers with tailor-made insurance offers around the clock. The insurance cover takes effect immediately upon conclusion of the contract."Not every cargo transported by sea is insured, yet. For instance, small and medium-sized customers often do not take out insurance for cost reasons.

Contecon Guayaquil SA, ICTSI's terminal in Guayas, Ecuador. Image: ICTSI

ICTSI Unveils Banana Transport Insurance Program

International Container Terminal Services (ICTSI) Ecuador has launched the first transport insurance program for banana trade.Contecon Guayaquil SA, the Ecuadorian subsidiary of ICTSI, will be providing banana-exporters with a comprehensive insurance program, increasing coverage for the transport. ICTSI claims that Contecon Guayaquil SA (CGSA) is the world’s biggest banana export port.Designed according to the needs of Ecuador’s export market – SIE, Ecuador’s first integral insurance…

Adobestock / © magicbones

UK Risks Losing Edge in Maritime Services

Britain's position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.The UK has been a pivotal global shipping centre for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services.These contribute $5.6 billion a year to Britain’s economy…

FMC Steps Up Oversight in the Commonwealth

Commission Expresses Concerns about Puerto Rico Terminal Facilities Agreement.An agreement filed at the Federal Maritime Commission allowing a joint venture between two adjacent terminals at the Port of San Juan, Puerto Rico, will go into effect on August 29. However, concerns about the agreement and its impact on the marketplace will lead the FMC to adopt a more vigorous oversight plan than its traditional monitoring program.Under the terms of the Puerto Nuevo Terminals LLC Cooperative Working Agreement (FMC Agreement No.

Transforming Today’s Transportation Terminal for Tomorrow’s Technology

LTE/5G industrial wireless prepares terminals for a digital future.Having implemented successive waves of digital technology over the last few decades, most terminal operations in ports worldwide have a variety of wired and wireless network technologies ranging from UHF and VHF, over wireless sensor networks (WSN) and LPWA, to Ethernet, meshed wireless and Wi-Fi — each supporting a different application of the terminal. With today’s 4G/LTE networks and the coming of 5G, it is now possible to consider consolidating many of these digital applications onto a single…

Joe Hughes, Chairman and CEO of SCB, Inc. and Eagle Ocean Agencies, Inc., managers of the American Club and EOM

American P&I Club adds to London, Hong Kong Staff

One appointment in the London office and two in Hong Kong.In a circular to Members of the American P&I Club, its Managers, Shipowners Claims Bureau, Inc. (SCB), have today announced that Arsinoi Iliokaftou has been appointed Claims Executive in London, to add further strength to its existing capabilities in the claims liaison sphere, whilst in the Managers’ Hong Kong office, Vicky Cheng and Joe Wan have been appointed as Business Development Executives – Asia to assist in the…

Photo: Port of New Orleans

Joe Toomy Rejoins Port NOLA

The former chairman of the Port of New Orleans Board of Commissioners Joe Toomy is rejoining the group.Gov. John Bel Edwards reappointed Joseph F. Toomy to the Board of Commissioners of the Port of New Orleans.Toomy was sworn in during today’s monthly board meeting and will serve a five-year term succeeding Laney J. Chouest as one of two Jefferson Parish representatives on the seven-member regional board. He previously served on the Board of Commissioners from 2009 to 2014 and served as chairman in 2013.With the Port’s acquisition of the New Orleans Public Belt Railroad effective Feb.

File Image: AdobeStock / © nightman 1965

Maersk, Blackbuck Partner for Intermodal Logistics

Maersk, a leader in integrated container logistics, has announced its partnership with BlackBuck, India’s largest online marketplace for trucking, to provide an online marketplace for containerized trucking in EXIM logistics in India.The Indian government has set ambitions to reduce logistics cost from 14% of the GDP to less than 9% by 2022. The new platform will be owned and operated by BlackBuck with Maersk supporting BlackBuck to develop compelling industry specific solutions.

© vintagepix/AdobeStock

Ships from Venezuela can still transit Panama Canal

The Panama Canal will allow vessels coming from Venezuela to transit the waterway provided they present the necessary paperwork, the canal authority's chief said on Wednesday, suggesting a new round of U.S. sanctions on the South American country may not make any difference to canal traffic.President Donald Trump's administration last week issued an executive order freezing all Venezuelan government assets in the United States. Shortly thereafter, U.S. officials ratcheted up threats against companies that do business with Venezuela.The measure did not explicitly place sanctions on non-U.S.

File Image: A cruise vessel passes through the Panama Canal. CREDIT: ACP

ICS Weighs in on Proposed Panama Canal Tolls

Global Shipping Industry Delivers Comments to Official Consultation on Proposed Modifications to Panama Canal Tolls.The Panama Canal Authority (ACP) is conducting a public consultation on a proposal to adjust the Panama Canal tolls for containerships, vehicle carriers, dry bulk carriers, tankers, chemical carriers, LPG and LNG vessels, passenger vessels and small vessels. The proposed new toll charges are anticipated to enter into effect on 1 January 2020, the same day as the IMO ‘Global Sulphur Cap’ regulation.